Four Ways the Blockchain Is Shaping the Future of Wine
Wine is a fantastic art and craft, and as such, it has played a valuable role in various cultures since the beginning of time. Although there’s evidence that the earliest wine production dates to around 6000BC, top-quality and well-defined styles in particular have gained massive traction from the new technologies employed in the past century, if not the past few decades.
The truth is that in this post-Covid reality, things are only speeding up towards digitization vertiginously. Changes will happen faster and with a more dramatic impact. And the wine industry is no exception.
What’s the fuss about the blockchain?
The advent of new technologies such as Blockchain-Web 3.0 creates opportunities to enable more innovation and increased value for all industries, including wine. The web3 is powered by blockchain, a digital ledger of transactions, facilitated by smart contracts, that allows peer to peer, seamless interactivity in a trust-less and decentralized manner.
The blockchain is here to offer some fresh air to the modern global wine industry that still suffers with outdated problems like supply chain inefficiencies, very little label transparency, unspecified additives and pesticides, somewhat questionable legislation, and rampant counterfeiting issues.
In 2018, Tommy Nordam Jensen and Håkon Harberg created Wiv Technology to address these issues and develop a secure global asset register that enables a more transparent, sustainable, and decentralized wine Investment business.
Here’s how:
New Wiv technologies will promote trustworthiness while building a more fair, inclusive, and borderless trading network.
The blockchain allows companies like WiV to create a digital, immutable twin for physical wine produced by vineyards. Anyone willing to invest can buy and hold NFTs (non-fungible tokens) generated by WiV as a proxy for the value of the physical wine. These NFTs are digital and backed by a physical twin and represent a certificate of ownership. On the other end, wineries can utilize these smart contracts to access innovative marketing actions, as well as finding ways to non-traditional and borderless markets.
Wiv promotes transparency through record-keeping, trading liquidity, geolocation, and market assurance.
The WiV ecosystem is powered by the $WIVA coin, which will enable investments and overall transactions in wine NFTs in the near future, among a myriad of other use cases. Anyone in the network can earn $WIVA through various means such as staking their tokens in a treasury, creating ecosystem proposals when the DAO (A decentralized autonomous organization) goes live, trading WiV NFTs, bringing on partners, and yield farming for lending and liquidity pools. $WIVA will also be able to be used to buy WiV NFTs in the future, invest in alt-investment pools, pay peer-to-peer transactions, and secure collateral loans within the ecosystem.
Wiv is building authenticity and provenance, improving positioning and reputation.
Wiv is working directly with the Government of Georgia to create the world’s first wine DAO. (A decentralized autonomous organization), developed specifically to promote and refine Georgian wine production.
They seek to enhance the credibility of Georgian wine by developing a quality assurance scheme. A panel of experts will judge vintages, quality and authenticate a wine’s origins to ensure that wines meet the highest industry standards. Registering wine in the blockchain enhances a producer’s anti-counterfeit systems, which will result in reducing fakes in the market and building brand value.
Gamification will boost innovation through new wine experiences.
As “play to earn” is becoming more popular, WiV is at the forefront of this megatrend, developing their own sandbox wine-growing game over the last year. Are you ready to be part of the whole winemaking process from the vineyard to the bar? And that’s not even the best part: participants will eventually be able to earn NFTs by playing and redeeming them for real-world assets (yes, that means real wine bottles!). The game is still under development with the collaboration of My Reality and will be launched in February 2022.
Overall, blockchain technology is full of potential and is a force to reckon with. It is important to understand what awaits the future of the wine industry and WiV technology, an absolute leader in their field, will play a major role. Boasting massive innovation and limitless possibilities by enhancing trustworthiness, transparency, authenticity, and innovation.
It is a lot to keep up I know- but stay tuned to learn more about these fascinating technologies that will shape the future of the wine industry!
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